BAKU, Azerbaijan, July 17. Profit tax transferred to Azerbaijan’s state budget from the giant Shah Deniz gas and condensate field stood at more than 2.630 billion manat ($1.547 billion) in the first six months of 2023, Trend reports.
The Finance Ministry estimates that Shah Deniz accounted for 66 percent of budget revenues from the oil and gas sector.
Azeri-Chirag-Gunashli (ACG) block brought 364.8 million manat ($214.6 million) of profit tax to the budget, which accounted for 9.1 percent of the oil and gas revenues.
This is while the State Oil Fund of Azerbaijan accounted for 40 percent of budget revenues with 2.661 billion manat ($1.565 billion) and the state oil company SOCAR transferred 992.5 million manat ($583.8 million), which accounted for 24.9 percent of budget revenues.
Tax revenues accounted for 60 percent of oil and gas revenues of the state budget and neared 3.988 billion manat ($2.346 billion).
Overall, the oil and gas revenues of the state budget amounted to almost 6.649 billion manat ($3.911 billion), which is lower by 1.629 billion manat ($958.3 million) or 19.7 percent than the forecasted figure. It is lower by 100.1 million manat ($59.5 million) or 1.5 percent compared to the first half of 2022.
The revenues from oil and gas sector went down, as the State Oil Fund transferred 2.979 billion manat ($1.752 billion) less than the forecasted amount.
The state budget revenues stood at 15.480 billion manat ($9.106 billion), while expenditures amounted to more than 14.063 billion manat ($8.272 billion). The surplus of the state budget stood at 1.417 billion manat ($833.5 million), which is 147.7 million manat or 11.6 percent more than in the same period of 2022.
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